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Wednesday, December 29, 2010

I.T. Companies are catching the attention of market participants mainly because of the expected favorable change in demand from foreign economies and some stability in exchange ratio. Onward Technologies Ltd is a small size IT company started by Mr Harish H Mehta Co-Founder & Former Chairman of the National Association of Software & Service Companies (NASSCOM).Company is offering solutions for sectors like Engineering Design Services ,Banking and financial services ..etc. Company is operating through various subsidiaries and associate companies namely Onward eServices Limited (OeSL) , Onward Technologies, Inc. North America (OTI),Onward Technologies GmbH Germany Onward Technologies Ltd., UK and Onward Technologies Ltd., UAE. Company recently concluded a restructuring process in its subsidiaries and streamlined its operations. Cost cutting efforts and efficiency improvement steps helps the company to report better performance in recent past after a long time. For the six months ended September qtr company posted a turnover of Rs.46 Cr and a net profit of Rs.2.85 Cr ,which was in red in last year. After a gap of three years company is expected to came back to black in this FY .Keep an eye on this one which is currently trading around Rs.44/-